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A.P. Moller-Maersk reported a first-quarter 2026 earnings before interest and taxes of $340 million, supported by strong volume growth across its ocean, logistics & services, and terminals businesses
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Ocean volumes grew 9.3% but posted a negative EBIT of -$192 million, pressured by industry oversupply and lower loaded freight rates
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Logistics & services revenue grew 8.7%, with EBIT improving to $173 million, the 8th consecutive quarter of year-on-year margin improvement
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Terminals was the strongest segment: volumes up 4.3%, revenue up 6.7%, EBIT at $436 million
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Adding depreciation and amortization in the picture, earnings stood at $1.8 billion, down from $2.7 billion in Q1 2025
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Maersk’s flexible Ocean network cut Ocean unit cost by 7% despite Middle East supply chain disruptions
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Full-year 2026 guidance maintained: EBITDA of $4.5-$7.0 billion; EBIT of -$1.5 to $1.0 billion; global container market volume growth of 2-4%
A.P. Moller–Maersk reported a first-quarter 2026 operating income of $340 million, supported by strong volume growth across its ocean, logistics & services, and terminals businesses despite continued pressure on freight rates and global market volatility.
The Danish shipping and logistics giant said Ocean volumes grew 9.3% during the quarter, outperforming the broader market, while Logistics & Services revenue increased 8.7% and terminal volumes rose 4.3%.
Earnings before interest, taxes, depreciation and amortization (EBITDA) reached $1.8 billion in the quarter, compared with $2.7 billion a year earlier, as lower freight rates and industry overcapacity weighed on profitability. The EBIT margin improved sequentially to 2.6% from 0.9% in the fourth quarter of 2025.
“We’ve seen strong demand across most regions this quarter, supporting robust volume growth in our three business segments,” Vincent Clerc, chief executive officer at Maersk, said in a press release.
“In Ocean in particular, market volatility remains high, and industry oversupply continues to put pressure on rates. In this environment, our disciplined focus on cost management contributes to resilient performance,” he added.
Maersk said its flexible Ocean network helped reduce unit costs by 7% even as supply chains faced disruptions linked to tensions in the Middle East. The company noted that the conflict had limited impact on first-quarter demand and financial performance, partly due to the lower regional exposure of its logistics and terminal operations.
Ocean, Maersk’s largest segment, grew loaded volumes by 9.3% and maintained high asset utilization of 96%, but still posted a negative EBIT of -$192 million, down from $743 million in Q3 2025.
Logistics & Services was a bright spot, with revenue climbing 8.7% and EBIT rising to $173 million from $142 million in the prior quarter, marking the eighth consecutive quarter of year-on-year margin improvement. Growth was driven by stronger performance in Air and Middle Mile products, cost discipline, and structural efficiencies.
Terminals delivered the group’s strongest segment result, with volumes up 4.3%, revenue up 6.7%, and EBIT of $436 million, up from $394 million in the prior quarter, supported by improved rates, favorable foreign exchange impacts, and a better terminal mix.
On the investment front, Maersk ordered eight large 18,600-TEU vessels with dual-fuel engines for delivery in 2029–2030 as part of its fleet renewal strategy. Terminal investments advanced on multiple fronts, including near-completion of a $350 million construction at APM Terminals Suape in Brazil, the inauguration of Phase II and commencement of Phase III at Lázaro Cárdenas in Mexico backed by another $350 million, and a joint €1 billion agreement with Eurogate to expand North Sea Terminal Bremerhaven’s capacity from 3 million to 4 million TEU.
READ: Maersk opens largest Asia-Pacific warehouse in Malaysia
Maersk maintained its full-year 2026 guidance, projecting EBITDA of $4.5 billion to $7.0 billion and EBIT of -$1.5 billion to $1.0 billion, with global container market volume growth expected at 2% to 4%.
The wide range reflects industry overcapacity from new vessel deliveries and uncertainty over the timing of a potential reopening of the Red Sea and Strait of Hormuz, according to Maersk.
READ: A.P. Moller-Maersk to cut 1,000 corporate jobs this year
